Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of the Company's Provision for Income Taxes

The components of the Company’s provision for income taxes for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, were as follows:

(dollars in thousands)	2023			2022			2021
Current:
Federal	$	59,084		$	59,855		$	58,652
State		8,035			7,688			10,510
Total Current		67,119			67,543			69,162
Deferred:
Federal		(8,800	)		(3,247	)		2,254
State		(2,405	)		534			766
Total Deferred		(11,205	)		(2,713	)		3,020
Provision for Income Taxes	$	55,914		$	64,830		$	72,182

Schedule of Significant Components of the Company's Deferred Tax Liabilities and Assets

As of December 31, 2023, and December 31, 2022, significant components of the Company’s deferred tax liabilities and assets were as follows:

	December 31,
(dollars in thousands)	2023			2022
Deferred Tax Liabilities:
Accelerated Depreciation	$	(8,513	)	$	(7,958	)
Accrued Pension Cost		(11,270	)		(11,270	)
Federal Home Loan Bank of Des Moines Stock		(3,416	)		(6,597	)
Lease Transactions		(22,571	)		(25,741	)
Operating Lease Liabilities		(22,826	)		(24,469	)
Investment in Variable Interest Entities		(887	)		(700	)
Deferred Loan Fees		(4,496	)		(4,798	)
Originated Mortgage Servicing Rights		(5,553	)		(6,008	)
Other		(16	)		(909	)
Gross Deferred Tax Liabilities		(79,548	)		(88,450	)
Deferred Tax Assets:
Allowance for Credit Losses		40,370			40,056
Minimum Pension Liability		8,390			9,046
Accrued Expenses		20,020			20,066
Postretirement Benefit Obligations		7,058			7,005
Capital Lease Expenses		2,148			2,156
Operating Lease Right-of-Use Assets		25,102			26,648
Restricted Stock		6,535			5,988
Net Unrealized Losses on Investments Securities		134,685			147,716
Deductible State and Local Taxes		1,966			2,360
Low Income Housing Investments		4,569			5,349
Other		10,049			5,995
Gross Deferred Tax Assets Before Valuation Allowance		260,892			272,385
Valuation Allowance		(6,728	)		(6,222	)
Gross Deferred Tax Assets After Valuation Allowance		254,164			266,163
Net Deferred Tax Assets	$	174,616		$	177,713

Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2023, December 31, 2022, and December 31, 2021:

	2023			2022			2021
Statutory Federal Income Tax Rate		21.00	%		21.00	%		21.00	%
Increase (Decrease) in Income Tax Rate Resulting From:
State Taxes, Net of Federal Income Tax		2.20			2.08			2.85
Low-Income Housing Investments		1.35			1.60			0.77
Investment Tax Credits		(0.37	)		(0.28	)		(0.35	)
Bank-Owned Life Insurance		(1.07	)		(0.72	)		(0.48	)
Tax-Exempt Income		(0.50	)		(0.20	)		(0.24	)
Leveraged Lease		—			(0.84	)		(0.10	)
Other		2.01			(0.33	)		(1.28	)
Effective Tax Rate		24.62	%		22.31	%		22.17	%

Schedule of Reconciliation of the Company's Liability for Unrecognized Tax Benefits

The following presents a reconciliation of the Company’s liability for UTBs for the years ended December 31, 2023, December 31, 2022, and December 31, 2021:

(dollars in thousands)	2023			2022			2021
Unrecognized Tax Benefits at Beginning of Year	$	3,696		$	4,015		$	5,403
Gross Increases, Related to Tax Positions Taken in a Prior Period		54			1			261
Gross Decreases, Related to Tax Positions Taken in a Prior Period		—			(26	)		(1,285	)
Gross Increases, Related to Current Period Tax Positions		27			226			234
Lapse of Statute of Limitations		(40	)		(520	)		(598	)
Unrecognized Tax Benefits at End of Year	$	3,737		$	3,696		$	4,015